Valeo up as US lowers tariffs on South Korea, BYD posts better-than-expected sales

Shares in French car parts supplier Valeo VLOF.PA rise 2.6% after the U.S. announced lower tariffs on South Korea and Chinese automaker BYD posted better-than-expected sales

U.S. commerce secretary on Monday confirmed that the tariff rate on imports from South Korea would drop to 15%, retroactive to November 1

"For Valeo ... it is more the supply of electronics that is particularly important," TP ICAP Midcap analyst told Reuters

He adds the slightly better-than-expected new car sales in China of BYD 002594.SZ, Valeo's client and partner, also added to the market reaction

Shares in Valeo are on track for their best day since November 3 if the gains hold